Shares of Facebook Inc fell as much as 5 per cent on Friday to their lowest in nearly three months after the surprise departure of Chief Product Officer Chris Cox, at a time when the company is again being scrutinized over its handling of privacy, extremism and political content.
Cox, a Wall Street favorite who has worked with Facebook founder Mark Zuckerberg for 13 years, led the social network’s business development team and helped define the business model of its messaging service WhatsApp.
“We believe Cox played a critical role in establishing FB’s mission, values, and culture, and he was extremely well-regarded inside and outside the company, including by Wall Street,” JPMorgan analysts wrote in a research note.
Also departing is WhatsApp Vice President Chris Daniels, adding to a string of recent high-profile exits from Facebook’s product and communications teams.
Facebook, Twitter and Google were also facing another round of public discussions over extremist content on their platforms on Friday, after video footage of mass shootings in New Zealand was live streamed and widely shared online.
“The live-streaming of New Zealand’s shooting will certainly bring on more questions of regulation and scrutiny over Facebook. It helped provide a platform for today’s horrific attack and will undoubtedly be called into question for facilitating the spread of this,” said Clement Thibault, analyst at global financial markets platform Investing.com.
The gunman, who was part of attacks that killed 49 people in New Zealand, broadcast live footage on Facebook of the attack on one of the mosques, leading to calls for more content moderation by the social network.
Britain’s interior minister Sajid Javid said social media firms must take action to stop extremism on their channels after Friday’s shootings.
“You really need to do more @YouTube @Google @facebook @Twitter to stop violent extremism being promoted on your platforms,” Javid wrote on Twitter.
The social media companies have said they would take down content involving the mass shootings, which were posted online as the attack unfolded.
Facebook has been investing heavily to weed out fake content from its platform and has hired thousands of employees for moderating content and suspended hundreds of suspicious accounts in different countries. The company’s shares were down 2.5 per cent at $165.83 in midday trade.
#NationalGovernorsAssociation; #DougFord; #Canada-UnitedStates-MexicoAgreement; #Ontario; #DougFord; #Canada
Washington, D.C./Ottawa, Feb 24 (IBNS): During National Governors Association's (NGA) Winter Meeting, Ontario Premier Doug Ford said that Ontario was open for business to key U.S. political and business leaders, media reports said.
NGA provides a shared platform to work together to develop solutions aimed at improving people’s lives.
Nearly 9 million American jobs reportedly depend on Canada–U.S. trade and investment with two-way trade valued at CAD$390 billion in 2017.
During his meeting with U.S. political and business leaders, Ford also had spoken to 30 U.S. business leaders about shared priorities, including the Canada-United States-Mexico Agreement (CUSMA), with an aim to remove trade barriers to work together to drive economic growth and prosperity on both sides of the border.
Ford also connected with Premier Scott Moe of Saskatchewan and Premier Blaine Higgs of New Brunswick to promote scrapping the job-killing carbon tax, and remove internal trade barriers between Canadian jurisdictions.
(Reporting by Asha Bajaj)
Ottawa, Feb 2 (Canadian-Media): Canada prime minister, Justin Trudeau was firm on the Trans Mountain pipeline expansion in the midst of feuds between Alberta and British Colunbia (B.C.) over new restrictions on shipments of bitumen that would flow through pipeline networks from Alberta to the West Coast, media reports said.
"We have a federal government to look out for the national interest above various disagreements within the provinces and we did exactly that on the Trans Mountain pipeline," Trudeau stated Thursday in an interview with CBC Radio's Edmonton AM.
"I'm not going to opine on disagreements between the provinces in this case," Trudeau, who was in Edmonton for a town hall meeting at MacEwan University, part of a series of meetings in Western Canada, was reported to state.
"We're just going to reiterate that the decision we made was in the national interest and we're going to move forward with that decision, which means we're going to get the Trans Mountain pipeline built."
Alberta Premier Rachel Notley had threatened to take legal action against new spill restrictions in B.C. which would further delay Kinder Morgan pipeline expansion.
Trudeau said the $7.4-billion project was approved by the federal government in 2016 and added, 'We can't continue to be trapped' .
"We know that getting our oil resources to new markets across the Pacific is absolutely essential...We need this pipeline and we're going to move forward with it responsibly like I committed to," Trudeau was reported to state.
Describing the proposal as an "unconstitutional attack" Notley vowed to fight the policy in court.
constitutionally Ottawa has jurisdiction over federal infrastructure projects like pipelines, but B.C. has a strong legal standing over environmental threats within its borders, Eric Adams, an associate professor in the faculty of law at the University of Alberta specializing in constitutional law was reported to state.
According to constitutional law, Trudeau could pull rank and make the project expansion happen through legal sanctions, said Adams, but it's more likely that the dispute will be resolved in the courts.
(Reporting by Asha Bajaj)
#Riyadh; #SaudioilsuppliestoCanada; #Khalidal-Falih; #Adelal-Jubeir
Riyadh/Ottawa. Aug 9 (Canadian-Media): Saudi oil supplies to Canada will not be impacted due to the diputer over human rights, said Khalid al-Falih, Saudi's energy minister on Thursday, media reports said.
The dispute had been a threat to Riyadh's campaign of foreign investment drive and initiatives by the top oil exporter.
But Saudi Arabia's reassurance that it has a "firm and long-standing policy" and that petroleum supplies are not influenced by political considerations, Khalid al-Falih, said in a statement.
"The current diplomatic crisis between Saudi Arabia and Canada will not, in any way, impact Saudi Aramco's relations with its customers in Canada."
Riyadh, capital of South Arabia -- infuriated by Canada's plea to immediately release the jailed activists -- had frozen new trade with Canada and ruled out mediation, had expelled the Canadian ambassador on Sunday, and blocked imports of Canadian grain.
Canada and Saudi Arabia's bilateral trade is worth more than $3.9 billion a year and Canadian exports to Saudi Arabia were about $1.46 billion in 2017, or 0.2 percent of the total value of Canadian exports.
Riyadh, In addition to the trade freeze, has stopped sending patients to Canadian hospitals and had suspended educational exchanges by moving Saudi Arabia's scholars to other countries.
Foreign Affairs Minister Adel al-Jubeir on Wednesday ruled out any mediation efforts and called on Ottawa to fix its big mistake, and added more measures would be taken by the kingdom against Canada for interfering in Saudi Arabia's domestic affairs, but he, however, did not give more details.
Meanwhile, Justin Trudeau, Prime Minister of Canada said he would keep pressing Saudi Arabia on civil liberties and added,
"Diplomatic talks continue ... we don't want to have poor relations with Saudi Arabia. It is a country that has great significance in the world, that is making progress in the area of human rights," Trudeau said.
(Reporting by Asha Bajaj)
#U.S.tarrifs; #DonaldTrump, #Canada, #ChrystiaFreeland, #NAFTA, #StrategicInnovationFund, #MarvinRyder,
Hamilton (ON), Jul 2 (IBNS): Canada said it was well prepared to counter United States (U.S.) imposition of tariffs of 25 percent on Canadian steel and 10 percent on aluminum, which came into effect on July 1, media reports said.
While confirming $16.6-billion worth of American goods will be hit with retaliatory tariffs on Canada Day, Canada pledged up to $2 billion for the steel and aluminum sectors in Canada.
In addition to steel and aluminum products, other items which could be affected included goods such as ketchup, orange juice, playing cards and pens.
Canada's Foreign Minister Chrystia Freeland was hopeful that Canada’s dollar-for-dollar response would not prompt further tariffs from the U.S.
“Canada’s approach is and will be this: we will not escalate and we will not back down,” Freeland told reporters, and added that the Canadian tariffs were permitted under World Trade Organization (WTO) rules.
But Trump told that if auto imports posed a national security threat, he could impose tariffs of up to 25 percent.
Freeland said Trump's move was not justified but, added Freeland, that Canada was prepared for all possible outcomes.
She also said that she was in frequent contact with U.S. officials.
“I’ve expressed our willingness to return anytime, anywhere to discuss this issue,” Freeland said.
Canada's pledge of $2-billion would reportedly be complemented by $1.7 billion in loans and services to help the aluminum and steel sectors, including small- and medium-size business affected by the U.S. tariffs.
Canada would also provide liquidity support to affected businesses in provinces and territories to increase jobs and training funds for workers.
A grant of $250 million to boost Canadian manufacturers and better integrate aluminum and steel supply chains would also be given by Strategic Innovation Fund.
Canada had also pledged another $50 million over five years to help companies take better advantage of the new free trade agreement with Europe and the Trans-Pacific Partnership.
With looming uncertainty of North American Free Trade Agreement (NAFTA) negotiations, Marvin Ryder, a business professor at McMaster University in Hamilton, said Ottawa “had to do something active to assist companies and workers caught in the crossfire of the trade dispute...This is something Canadian companies have needed to do for a long time.”
(Reporting by Asha Bajaj)
#Trumpadministration'ssteeltariffs; #JustinTrudeau; #U.Smarkets; #SeanDonnelly #Canada, #China, #EuropeanUnion; #CanadaBorderServicesAgency''sbudget; #Bloomberg
Ottawa, Jun 27 (Canadian-Media): In the wake of the Trump administration's steel tariffs, Canada is planning new tariffs and quotas on steel from China and certain other as-yet unknown countries In an attempt to prevent dumping of Chinese steel on the domestic market, media reports said.
Besides European Union (EU), Canada was concerned China could engage in selling steel without any buyer, below cost in Canada or elsewhere.
Canada reportedly has already taken steps -- including beefing up Canada Border Services Agency''s budget, adding 40 new officers to handle trade-related complaints --to protect Canadian steelmakers from the possibility of aggressive competition in the wake of a trade war.
"Canada is a trading nation, and we will not allow North American industries to be hurt or threatened by unfair trade practices, like the diversion of steel and aluminum," Prime Minister Justin Trudeau said in March.
There had been a rise in steel diversions to Canada in recent years, even before the Trump tariffs took hold, said Sean Donnelly, the CEO of AercelorMittal Dofasco, Canada's largest steel producer.
"Canada's response to past and future threats from unfairly traded and diverted offshore imports is critical," Donnelly said.
Citing "people familiar with the plans," Bloomberg said Canada is preparing quotas that would limit the amount of steel imported into the country, with tariffs charged on any imported steel beyond that quota.
The new tariffs and quotas could be announced as soon as next week, the report stated.
#ChrystiaFreeland, #DonaldTrump, #UStariffswar, #WTO, #NAFTA, #BobCorker, #RobertLighthizer
Ottawa, June 14 (Canadian-Media): Canada's Foreign Affairs Minister Chrystia Freeland was at Washington, D.C., United States (U.S.), yesterday to discuss about the recently imposed steel and aluminium tariffs on Canada by U.S. President Donald Trump, media reports said.
While in Washington, Freeland yesterday spoke of the frustration felt both by Canada and U.S. over newly imposed steel and aluminum tariffs by Trump.
During her acceptance of the award for Diplomat of the Year, presented by Foreign Policy magazine, in Washington, D.C.,U.S., Freeland said,
“The 232 tariffs introduced by the United States are illegal under WTO and NAFTA rules are...in violation of the very rules it helped to write."
"We see this most plainly in the U.S. administration's tariffs on Canadian steel and aluminum..."They are...in violation of the very rules it helped to write," said Freeland
World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.
The North American Free Trade Agreement (NAFTA), reportedly is an agreement between Canada and U.S. with a goal to eliminate barriers to trade and investment between the U.S., Canada and Mexico.
“Canada has no choice but to retaliate...with our like-minded partners in the EU and Mexico...and they share our astonishment and our resolve" said Freeland and added Canada would retalliate with sorrow rather than anger.
Later Wednesday evening during a foreign policy speech, Freeland spoke about the international rules-based system that the U.S. led in creating after the Second World War.
Without mentioning Trump even once, Freeland in her speech said, "Facts matter. Truth matters. Competence and honesty, among elected leaders and in our public service, matter."
She won applause when she said "preserving Lincoln's vision" means fighting back against those who try to hijack democracy.
"The Section 232 action — which is, let me remind people, a national security consideration — is frankly absurd," Freeland said on Capitol Hill after the meeting.
Sen. Bob Corker, the committee's Republican chair said,
"I do think it's an abuse of presidential authority to use the 232 waiver, and I've tried to pass a piece of legislation on the floor to counter that," Corker said after the meeting with Freeland.
Freeland was assured by Corker of his efforts to gather support for legislation that would give U.S. Congress, not the president, the authority to impose tariffs under the national security clause of U.S. trade law.
Today, Freeland is expected to meet U.S. trade czar Robert Lighthizer in an effort to straighten out NAFTA renegotiation.
#JohnTory; #JustinTrudeau, #DougFord; #traderelations
Toronto, June 12 (Canadian-Media): Toronto Mayor John Tory pledged today, during his State of the City address at the Toronto Region Board of Trade's annual luncheon, to work with Canada's Prime Minister Justin Trudeau and Ontario Premier-Designate Doug Ford to protect trade relations between Canada and the United States (U.S.), media reports said.
In his speech Tory said, "When our largest trading partner is suddenly threatening to impose tariffs across the board, not only is that a threat to the economic vitality of our nation and our province, it is a threat to the economic vitality of this city, as well," said Mayor Tory.
"I want to state clearly today that I stand with our Prime Minister and our incoming premier, Mr. Ford, when it comes to all of the rhetoric and sabre rattling from President Trump."
"I will do whatever I can to help ease these tensions and get back to doing business the way we have so successfully done over the past 25 years – and before that – to the immense benefit of both countries."
Tory said he would be enlisting American companies with significant operations in Toronto to appeal to U.S. leaders to stop this ongoing trade dispute.
He would also reportedly speak with fellow mayors in major cities across the U.S. to stress the importance of trade towards jobs and economic growth in all our cities.
#CanadianresidentswithU.S.citizenshipfacehugetxbills# #DonaldTrump. #BillMorneau, #Trump'staxbillsignedintolaw
Washington/Ottawa, May 14 (Canadian-Media): Thousands of Canadian residents with United States (U.S.) citizenship across the country had been struggling with the impact of huge tax bills as a result of U.S. president Donald Trump's tax bill signed into law just before Christmas, media reports said.
"It's a huge problem for Canadian businesses and it needs to be addressed, so I'm sure it will probably come up in some of the meetings." Wayne Easter, Liberal MP and co-chair of the Canada-United States Interparliamentary Group, said
Particularly hard hit reportedly are those who have been using their corporations to save for retirement as the owner has to declare the money on their 2017 personal tax return.
While those affected can elect to spread the bill over eight years, they have until June 15 to file their tax returns and begin making payments.
Canadian Finance Minister Bill Morneau's office said finance department officials who speak regularly with their American counterparts could not confirm whether they have discussed the impact the tax reform is having in Canada and added,
"I think what's happened here is that a decision was made and there's a whole lot of collateral damage or unintended consequences. There will have to be more government-to-government discussions and we'll be able to, I think, broach the issue and tell members of Congress how problematic this is for Canadians or Americans who are in Canada who set up retirement plans with the best intentions based on the rules that were already in place."
Biil Morneau/Courtesy of Canadian Press
Conservative Senator Michael MacDonald, co-chair of the interparliamentary group, said,
"I'm no tax expert but I am familiar with some of the impact of the bill in terms of double taxation of people and there's a lot of money being drained back into the U.S. from Canadian corporations... In terms of us having a lot of impact in that area, I think the odds are relatively slim because that has been signed into law by the U.S. government, by the president."